federal state and local taxes. so as these credits become stressed and distressed, and these situations emerge, firms like ours, other firms, become interested in the relative value of these bonds. so it's in these times and others, frankly, that we welcome a liquidity, the increased liquidity and the increased participation of professional investors who have a sense of how to navigate these waters. >> briefly, lawrence, is puerto rico too big to fail? >> i wish it were that simple. puerto rico has an enormous number of issues to confront. and frankly, dwarfs detroit by comparison in size. you're looking at $70 billion worth of issuance that is eye bi ubiquitously held. puerto rico is a complex problem, dwarfing detroit by size and magnitude. >> lawrence, thank you for joining us this morning. >> i appreciate it. >> we'll take a short break. still to come, it is a case of unhappy meals. can the protests make a u.s. minimum wage more or less likely? [ male announcer ] how can power consumption in china, impact wool